MANILA, Philippines: President Ferdinand Marcos Jr. announced on Friday that his administration is currently studying potential amendments to the economic provisions in the 1987 Constitution. The primary objective of these amendments is to attract more investors to the country.
Marcos made this statement in response to the House of Representatives’ plan to push for amendments to the “prohibitive” economic provisions of the 1987 Constitution in 2024.
During a chance interview in Muntinlupa City, Marcos emphasized that the study focuses on the need to attract investors to the Philippines, which is his primary interest. He explained, “We’re just beginning to study because we keep talking about economic provisions that are getting in the way of some potential investors that we are trying to bring to the Philippines.”
He further elaborated, “So what we are looking at here is the opportunity cost for those who would like to invest here but are hindered by the laws derived from the Constitution’s economic provisions. We need to determine if these provisions need to be modified or if there are alternative approaches.”
The President emphasized that his goal is to make the Philippines an investment-friendly destination. He clarified, “That’s why the study is not really about the Constitution itself. It’s about identifying what changes we need to make to attract these potential investors to our country.”
Last Tuesday, the House officials highlighted the timeliness of revisiting and easing the provisions that restrict foreign ownership in certain industries as part of Congress’ legacy. They are considering exploring methods of charter change that do not require the Senate’s involvement, as previous attempts to amend the Constitution in the Senate have failed.
Speaker Martin Romualdez, who is President Marcos’ cousin, expressed his support for the initiative and stated, “I believe 2024 will allow us, again, to revisit the Constitution. I think it’s timely, and we’d like to focus on the economic provisions.”
During the Congress’ break from December 16 to January 21, lawmakers will study the procedure to amend the Constitution and the potential changes to the economic provisions. Romualdez emphasized the importance of examining the procedural aspects and ensuring continuity in the government to back up the economic provisions.
In conclusion, President Marcos Jr. intends to explore possible amendments to the economic provisions in the 1987 Constitution to attract more investors to the Philippines. The study aims to identify obstacles that deter potential investors and determine the necessary changes to make the country more investment-friendly. The House of Representatives also plans to revisit the Constitution’s economic provisions and explore methods of charter change to facilitate the process. By making the necessary modifications, the government aims to create an environment that is more attuned, sensitive, and responsive to the current economic landscape.
Source: The Manila Times